Nigeria’s President, Muhammadu Buhari has forwarded a letter to the House of Representatives seeking its approval to borrow $5.513 billion.

In a letter read by the Speaker of the House of Representatives, Femi Gbajabiamila at the resumption of the plenary on Thursday morning, May 28, the President said the loan will be used to finance the 2020 budget deficit, critical projects, and to also finance projects to support some state governors.

The loan request has been referred to the House Committee on loans and Debt for consideration.

Recall that the National Assembly had recently approved a loan of N850bn for the Federal Government, while another of $22.79bn, which the Senate has already approved, is pending before the House.

In a related story, WITHIN reported that the Federal Executive Council (FEC) has approved a loan facility of $1.2 billion to finance the mechanisation of agriculture in the country.

Sabo Nanono, the Minister of Agriculture and Rural Development, disclosed this on Wednesday while briefing State House correspondents after the virtual FEC meeting anchored from the Council Chamber of the Presidential Villa, Abuja.